This is mean-spirited and daft.
This is a product aimed at a very specific hobbyist segment of the smart tinkerer, who will probably get more joy out of it than most buyers get out of their Apple Watch. Is that a smaller market? Yes. That doesn't make it a bad product.
I think it's a relevant critique for something that goes on your wrist, especially when products like PineTime exist in the same market segment with aesthetics much closer to an apple watch (an aesthetic I'm not fond of either, but hey, it seems to be popular)